Have you got nothing to do for the next 72 hours? Then why not enter this competition and boast about your game making skills by making a small game during this period (which has already started by the way). There aren't any rewards for the winner as of yet. But finishing a game is in itself a reward, especially if you make it good.

I don't really like the theme of the competition. RPG elements? What if what a person considers that actual RPGish elements in a game are different from what they consider? What if I want to come up with my own RPG elements? What if I think that 'RPG's like the majority of developers make them aren't role playing games at all?

This seems like a very uninventive competition. They'll probably just judge entries based on how much like Final Fantasy they are. That's the feeling I get.

I'm quite certain that you're a bit too pessimistic. I think they'll be happy getting as many entries as possible, and as long as you can explain what "RPG elements" you've added to your game, they'll probably accept your point of view.

I'll have to say that the site isn't too impressive or informative, though. But seriously, what do you have to lose?